IN : Voltas Ltd - Positive margin surprise

4QFY21’s PAT was ahead of our estimate, led by the higher sales and robust margin performance of both its key segments. Voltas has been able to consistently balance higher market share and retain margins for the UCP segment in the last few years. Strong showing, but reiterate Hold as current valuations leave limited room for downside due to the impact of the lockdown on its key summer sales of ACs.

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